Good morning. Here’s what’s happening:

Prices Reports on jobs and services sent bitcoin plunging below $30K, but the crypto recovered this threshold later. A market observer told CoinDesk that the sentiment has become increasingly bullish.

Insights Bitcoin holders are growing, but BTC sent on exchanges is falling. Is there a bullish trend?


Bitcoins Break from Recent Bullishness

Crypto investors derived more information from a surprising scathing ADP Private Sector Jobs Report and an amazingly robust ISM Services Index, than they did from a soft job opening survey.

Bitcoin fell below $30,000, the first time it had done so in nearly two weeks. The largest cryptocurrency in terms of market capitalization recently surged to $30,100. This is down 1.3% within the last 24 hours. The drop came just hours after Bitcoin hit a three-month high of $31,500. This was a continuation in investor optimism stemming from the multiple spot bitcoin ETFs filed last month.

The markets are increasingly optimistic that the U.S. Securities and Exchange Commission will change its policy of rejecting applications from some of the most prominent financial service firms in the world. On Thursday, however, fears about inflation and economic growth trumped all euphoria.

Ether also followed a similar downward trend, falling quickly from its high of $1,950 following the ADP report which revealed that the private sector added 497,000 jobs – more than twice the forecast. The ISM Services Index rose from 50.3 in May to 53.9 for June. This is higher than both the consensus estimate of 51.2 and the reading of 50.3 for June. These reports will give the U.S. Central Bank more ammunition to justify further rate cuts to combat inflation. This hawkishness often weighs heavily on the crypto and other asset market, as investors fear that the Federal Reserve may plunge the economy into a deep recession.

Investors were not impressed with the May Job Openings and Labor Turnover Survey report (JOLTS), which revealed that job vacancies had fallen to 9.82 millions, down from a upwardly revised 10,3 million in April.

ETH, which is the second-largest crypto by market value, traded at $1,853, a drop of 3.1% from Wednesday. The majority of other major cryptos went into the negative before recovering some ground. SHIB, the popular memecoin, and Litecoin were both down more than 6%. SOL, the Solana Blockchain token, soared above 11% and is still higher than 4%. CoinDesk Market Index (a measure of the overall performance of crypto markets) was down by 1.7% recently.

In early trading in Asia, the Hang Seng fell by about 1%, while Nikkei was down 0.5%. The U.S. indexes, the tech-oriented Nasdaq as well as S&P 500, both fell by 0.8%. The yields of 2- and 10-year U.S. Treasurys rose and gold, a safe haven, edged higher.

Richard Mico of Banxa (a provider of crypto payment and compliance technology) wrote to CoinDesk on Thursday morning, noting that bitcoin was supported at $30,000, amid spot BTC applications, and other positive technical and non-technical signals.

Mico wrote: “We may still see a few rate hikes ahead, but it appears that the Federal Reserve is closing in on – if not at – peak rates.” “We will likely have to wait for next year’s Bitcoin halves to enter full-on bull-mode, but we are getting closer every day. Many people want to jump ahead of what they believe will be a continuing uptrend.”

He said: “The next 18 months will be exciting.”

The Biggest Gainers

Biggest Losers


Is Whale Activity a Bullish Sign?

Glassnode shows that despite the recent rise in bitcoin whales large BTC holders are still reluctant to transfer their assets to centralized exchanges.

(Glassnode)

Whales of Bitcoin and those who move assets to exchanges are on separate paths. Large investors appear reluctant to remove their assets from cold storage.

Bitcoin investors may be concerned about regulatory obstacles, exchange risks, or both.

Investors are bullish when they see that large entities have increased bitcoin supply and exchanges have decreased their supply.

This article has been written and edited solely to provide accurate information for the reader. CoinDesk could earn a commission if you click on the link provided by Glassnode. See our Ethics Policy for more information.


Important events.

8:30 p.m. HKT/SGT(12:30 p.m. UTC): U.S. Labor Force Participation Rate (June)

8:30 p.m. HKT/SGT(12:30 p.m. UTC): U.S. Nonfarm Payrolls for June


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If you haven’t seen it yet, here’s the latest episode of CoinDesk TV .

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